IRDAI sets up working group to improve loss prevention

The IRDAI has set up a working group comprising 10 members to suggest segment-wise ways and means to improve loss prevention and loss minimisation in the industry of general insurance. With the aim of bringing all stakeholders working together towards a common end on a common platform, the regulator has formed the working group. However, loss prevention and loss minimisation measures have remained very company-specific, according to the sources. There may be considerable overlap in the way companies approach the issue, yet there is little in terms of knowledge-sharing, something that the working group sought to formalise.